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Friday 25 January 2013

UK Financial News on 2013-01-25

UK economy shrank at end of 2012
The UK economy shrank by 0.3% in the last three months of 2012, further fuelling fears that the economy could re-enter recession......

Apple loses most valuable crown
Another fall in Apple's shares means the company loses the title as the world's most valuable publicly-traded company......

Banks to pay back ECB loans early
Some European banks that received billions in cheap loans to keep them afloat at the peak of the eurozone debt crisis are to repay them early, the ECB says......

Bank customers 'lacking choice'
UK bank customers still have relatively little choice of personal current accounts and significant changes are needed, a regulator says......

London Market Report
The FTSE continues its recent upward march, ending the week 2% higher......

Pentagon laying off 46,000 staff
The US defence department says it has begun laying off most of its 46,000 temporary employees, as automatic defence budget cuts loom in March......

Oldest bank in risky trades probe
Shareholders of the world's oldest bank, Italy's Banca Monte dei Paschi di Siena, approve a plan needed to get a state bailout amid revelations that it concealed loss-making risky trades......

US new-home sales best since 2009
US sales of newly-built homes last year were the best since 2009, new data shows, despite the market slowing in December......

Anglo American in platinum slump
Mining group Anglo American - which was hit by strikes at mines in South Africa - reports a drop in fourth quarter production of platinum and iron ore......

Athens 10-day metro strike ends
A 10-day strike by metro workers in the Greek capital, Athens, ends after the government threatened them with arrest unless they returned to work......

Windows 8 fails to lift Microsoft
Microsoft reports a fall in profits despite a boost in sales from the technology giant's new Windows 8 operating system......

Mobile sales boost Samsung profit
Profits at Samsung Electronics surged 76% in the last three months of 2012, driven by sales of its Galaxy line of smartphones and tablets......

Draghi sees eurozone recovery
European Central Bank chief Mario Draghi says he expects the eurozone economy to begin recovering in the second half of this year......

VIDEO: Goldman Sachs boss 'optimistic'
The man in charge of Goldman Sachs, Lloyd Blankfein, has said that he believes the worst of the financial crisis may be over.....

VIDEO: Social media 'making world better'
Former Facebook director Peter Thiel has told the BBC that he believes social media makes the world "a better place".....

VIDEO: Ukraine and Shell sign shale gas deal
Ukraine has signed a major shale gas deal with Royal Dutch Shell......

VIDEO: Davos a 'constellation of egos'
London Mayor Boris Johnson has described the World Economic Forum as a "a constellation of egos involved in orgies of adulation"......

VIDEO: Ellen MacArthur on the 'circular economy'
Dame Ellen MacArthur has joined the scores of world and business leaders at the World Economic Forum to champion a radical solution to consumer waste......

VIDEO: 'World needs to work together to feed itself'
US food giant Cargill chief executive Greg Page says the world is producing more than enough food to feed the global population, despite challenging weather events......

VIDEO: The challenges facing China's economy
Tanya Beckett met one of China's biggest names in TV business news to discuss his country's economy......

VIDEO: Davos: UBS chairman on bank's future
The chairman of UBS has spoken about his vision for the future of the bank at the World Economic Forum in Davos......

AUDIO: Shale gas 'a game changer'
The chief executive of the middle east's oldest private oil and gas company says that shale gas is "a game changer"......

AUDIO: Would you work 10 hours for one beer?
The amount of time that people in any one country have to work in order to pay for a beer is one economic indicator that is followed closely by the world's second largest brewer, SAB Miller......

NBC boss supports ticket touting
Jeff Shell, chairman of NBC Universal International, encourages future Olympic Games to allow tickets to be resold at above face prices......

Last Belfast linen factory shuts
The last working linen factory in Belfast - a city once famous across the world for producing and exporting the textile - is set to close......

New laws to crack down on bailiffs
New laws to tackle aggressive bailiffs will be introduced next year in England and Wales, the government announces......

Co-op bank to close 37 branches
The Co-operative Bank announces it will close 37 branches across the country, with the loss of 34 jobs, mainly at managerial level......

Refund 'delays' follow ID fraud
Nearly a third of card fraud victims face waits of weeks or months before getting their money back, a consumer group's survey of members finds......

Clegg: Capital spending cut wrong
The coalition made a mistake in cutting back capital spending when it came into office, Nick Clegg says, as the UK's latest GDP figures are awaited......

IMF: UK should rethink austerity
Chancellor George Osborne should consider toning down austerity in his budget in March, IMF chief economist Olivier Blanchard tells the BBC at the World Economic Forum in Davos......

Japan runs record trade deficit
Japan posts a record high trade deficit of 6.9tn yen ($78bn) for 2012, as exports to Europe and China continue their plunge......

One in four new phones a Samsung
Samsung accounted for one in four of all mobile phones shipped worldwide last year, as its shipments grew by nearly 20%, according to research......

Libor 'link to top Barclays staff'
A lawyer in a court case over Libor rigging says evidence links senior Barclays staff, as top executives at the bank lose their right to anonymity......

Commerzbank plans 6,000 job cuts
Germany's second-biggest lender Commerzbank is planning to cut as many as 6,000 jobs, or more than 10% of its workforce......

Gers fans divided over Ibrox deal
Rangers chief executive Charles Green admits fans are divided over plans to sell the naming rights to Ibrox Stadium......

Olympic Stadium to stage meeting
Olympic heptathlon champion Jessica Ennis among those hoping to take part at 2013 London Grand Prix at Olympic Stadium......

Real Madrid tops rich list again
Real Madrid tops Deloitte's football rich list for the eighth year in a row, with revenues breaking 500m euros for the first time......

VIDEO: Secret to surviving the downturn?
The BBC's Steph McGovern spoke to Tom Hainsworth, a textile manufacturer, whose 200-year-old Yorkshire business is going from strength to strength......

VIDEO: 'Samsung has broader product range'
Computer Weekly's Editor-in-Chief, Bryan Glick, explains Samsung's increasing market share is down to its broad range of products, including budget mobile phones......

VIDEO: Oldest bank probed for risky trades
Shareholders of the world's oldest bank have approved a plan needed to get a state bailout amid revelations that it concealed loss-making risky trades......

VIDEO: Still job hunting, 18 months on
Former Honda worker Sean Stroud will soon be competing with 1,000 more Honda workers for jobs......

VIDEO: Challenges facing Travis Perkins
As the GDP figures are published Geoff Cooper CEO of Travis Perkins speaks about the challenges facing the industry and the importance of construction projects to help grow the economy......

VIDEO: Meet teenage entrepreneur Kieza
Teenager Kieza De Sousa says he has received a small government business loan to help run his clothes printing company......

VIDEO: Britain's banks 'not doing enough'
UK bank customers still have relatively little choice of personal current accounts and significant changes are needed, the industry regulator has said......

VIDEO: The future of cars 'is electric'
The future of the car is electric according to Tom Lokenvitz, the environmentally conscious founder of Singapore-based car-sharing firm Smove......

Selling the Olympics to the Swiss
Selling the Olympics to Swiss mountain voters.....

Healthy people create economic health
Why making people fitter gives economies a lift.....

In Amenas siege: Is Algeria's economy under threat?
Will Algeria's economy recover from hostage crisis?.....

Wipeout veterans create new studio
Sony Liverpool survivors set up new video games studio.....

Nations fear end of Venezuela oil deals
The countries buying oil with sugar, rice, even trousers.....

Why the smart money is shifting to stocks
Jan 25 - Hedge fund managers attending the 2013 GAIM conference in Boca Raton, Florida explain why after years of favoring fixed income, they are ready to put their money back into U.S. equities......

U.S. Week Ahead: Boeing results could show jumbo problems
Jan. 25 - Investors want to know how much the grounding of Boeing's entire Dreamliner fleet will cost the company when it reports results on Wednesday......

MuniLand: Illinois GO bonds could offer high yields -Serbe
Jan 25 - Lebenthal's President of Municipal Asset Management Greg Serbe says that the negative headlines out of Illinois could translate to attractive yields for investors with an appetite for risk......

Techquity: Smartphone woes, more praise for Amazon
Jan. 25 - Smartphone issues hit Samsung after hurting Apple, plus analysts raise price targets on Amazon......

Trading at Noon: S&P 500 reaching for the stars
Jan. 25 - U.S. stocks are rising today boosted by sturdy corporate earnings, with the S&P 500 poised for its longest winning streak in 8 years......

Davos: EU not complacent about recovery
Jan. 25 - European Central Bank President Mario Draghi told an audience at the WEF in Davos he expects the euro zone to recover in the second half of 2013. While EU leaders welcome calmer markets, they warn the recovery won't be without obstacles. Jo.....

Friday Round Up: Best of Davos
Best from the WEF in Davos, Switzerland on the third day of the Forum. - January 25, 2013.....

Breakingviews: Ackman vs Icahn
Jan 25 - Antony Currie and Breakingviews columnists discuss why the two shareholder activists have reignited a 10-year-old spat and how the showdown is emblematic of each mogul's investment style......

Mafia money is Italy election issue
Jan. 25 - Italy is fighting one of its darkest problems as it heads towards February elections - the hold of the mafia over society and business. With banks tightening credit, organised crime has poured dirty money into the legitimate economy where i.....

Europe Week Ahead: Earnings bonanza, Spanish Q4 GDP, PMIs
Jan. 25 - Brace for a big week of European corporate earnings, manufacturing PMI data, bond auctions plus, Q4 GDP data from recession-hit Spain......

3XSQ: Procter & Gamble second-quarter profit 'crests'
Jan 25 - Procter & Gamble's quarterly profit soared past expectations as the world's largest household products maker used higher prices and new products to reignite growth in sluggish markets......

DAVOS 2013: Davos in 60 seconds
Jan. 25 - A wrap up of all Fridays action at the World Economic Forum in Davos crammed into 60 secs......

Davos 2013: Moshi Monsters Set For Wild Growth
Jan. 25 - The man behind Moshi Monsters, Mind Candy CEO Michael Acton-Smith, discusses his plans to become the worlds biggest digital entertainment company on the sidelines of the WEF in Davos......

DAVOS 2013: Infrastructure key to Africa success
Jan. 25 - Nigeria's central bank governor Lamindo Sansusi, tells Davos Today that investment in infrastructure is crucial to Africa's future economic success......

Davos 2013: U.S. business frets over Obama agenda
Jan. 25 - Thomas Donahue, President & CEO of the U.S. Chamber of Commerce tells Davos Today that President Obama has a strong agenda for America, but it doesn't include enough attention to jobs and growth......

Dutchman brings glow to night-driving
'Glowing lanes' on highways could spell the end of costly street lighting, according to a Dutch designer. Daan Roosengaarde's 'Smart Highway' involves photoluminescent paint markings on roads that are charged in sunlight and glow at night to denote l.....

Davos: euro zone stronger entering 2013
Jan 25 - The euro zone is looking stronger entering 2013, thanks to the reforms currently underway. That's according to Klaus Regling, head of the euro zone's European Stability Mechanism (ESM), said at at the World Economic Forum in Davos. (ROUGH CU.....

DAVOS 2013: Ban ki Moon: My pain at Syrian deaths
Jan. 25 - The UN Secretary general tells Davos Today how concerned he is about the civil war in Syria. Many more will die if the violence does not stop now, he says......

Best of Davos Today: Competition key to recovery
World leaders and the business elite talk economic growth and job creation in highlights of Davos Today. (Friday, Jan 25).....

British economy headed towards 'triple dip' recession
Jan. 25 - Britain's economy shrinks more than expected in late 2012. We go through the numbers with Joe Grice, Chief Economist at the ONS......

DAVOS 2013: EFSF: A real mood change in Europe
Jan. 25 - European bail out fund chief Klaus Regling says there's been a improvement in sentiment in Europe, thanks to restructuring and debt reduction......

DAVOS 2013: Brazil exchange rate still too high for comfort
Jan. 25 - The Brazilian Development Bank President Luciano Coutinho tells Davos Today that the Real is still overvalued, making life difficult for the country's exporters......

Davos 2013: Forget growth- slower decline is what
Jan. 25 - European automakers wont see sales growth for years, with slower decline the best that can be hoped for in 2013, says Renault Nissan CEO Carlos Ghosn......

DAVOS 2013: Better for UK to be inside the EU tent - Sorrell
Jan. 25 - WPP Chairman says it would be in Britain's best interest to remain in the EU, and that some scope exists for renegotiating the UK's position......

DAVOS 2013: Better for UK to be inside the EU tent - Sorrell
Jan. 25 - WPP Chairman says it would be in Britain's best interest to remain in the EU, and that some scope exists for renegotiating the UK's position......

Warning of triple dip and risk to credit rating
Britain is on course for an unprecedented triple-dip recession and the country's top-tier credit rating is under severe threat after the economy shrank by 0.3pc in the final three months of 2012.<img width='1' height='1' src='http://telegraph.feed.....

Ministers must have the guts to go for growth
Telegraph View: The key question is whether the Coalition is doing all it can to make things better, rather than stopping them getting worse<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e7c0ed/mf.gif' border=.....

Goldman Sachs chief attacks David Cameron on tax avoidance
Goldman Sachs boss Lloyd Blankfein has hit out at David Cameron's anti-tax avoidance campaign, warning that criticising people for their tax arrangements risks "criminalising every right-thinking person who organises his or her affairs in a sensible .....

Jury is still out on bond buying, warns Draghi
Mario Draghi, the president of the European Central Bank, said the "jury is still out" over whether his radical bond buying programmes will be enough to restore stability to the eurozone.<img width='1' height='1' src='http://telegraph.feedsportal......

Investors defy prospect of 'triple-dip' as FTSE hits four-and-a-half year high
Investors have defied the prospect of an unprecedented triple-dip recession as shares on Britain's leading index hit a four-and-a-half year high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e7511e/mf.gif' bo.....

'Banks make average 139 a year on each current account'
The OFT today revealed banks make 139 a year on each current account and said they remained poor value for customers.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e7511f/mf.gif' border='0'/><br/><.....

Afren falls as takeover talk scotched
Takeover talk may be little more than unfounded speculation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e75120/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/1559842495.....

Afren takeover talk turns ou
Oil explorer Afren was the worst performing mid-cap stock as it emerged that recent takeover talk may be little more than unfounded speculation.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e7033e/mf.gif' bor.....

Monte dei Paschi shareholders approve capital increase
Banca Monte dei Paschi di Siena shareholders gave the green light to a key capital increase in an important step towards calming concerns raised over the health of the world's oldest bank.<img width='1' height='1' src='http://telegraph.feedsportal.....

Sportingbet Australia directors in line for 15m retention bonus
William Hill has agreed to pay up to 15m to keep hold of four members of Sportingbet's management team in Australia following its takeover of the online bookmaker.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2.....

China hands down first jail sentence over bootleg Scotch
Chinese authorities have handed down their first ever jail sentence for selling fake Scotch Whisky in a major breakthrough for distillers in Scotland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e748fc/mf.gi.....

Attempt to ease pressure on final salary pensions 'too little, too late'
The Government has proposed new rules to ensure companies do not divert too much money into pensions and away from the struggling economy.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e748fd/mf.gif' border='0.....

Economist: Government may need to rethink its fiscal policy
Jim O'Neill, Goldman Sachs' chief UK economist, says the GDP figures 'particularly disappointing' and suggests the Government may have to move to Plan B to protect the UK's credit rating.<img width='1' height='1' src='http://telegraph.feedsportal......

Exxon overtakes Apple as biggest public company
Apple lost its position as the biggest public company in the world on Friday, amid growing concerns that its extraordinary growth trajectory of recent years is coming to an end.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/3272.....

Boris Johnson: 'we must move away from austerity'
London Mayor Boris Johnson praises Chancellor George Osborne for his handling of the economy, but says it is now was time to move away from austerity and start investing in infrastructure.<img width='1' height='1' src='http://telegraph.feedsportal.....

John Lewis blames snow for slowing sales
John Lewis has become the first British retailer to caution that last week's snow hit sales growth.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e641cc/mf.gif' border='0'/><br/><br/><a href=.....

Davos 2013: as it happened - January 25, 2013
Boris Johnson said the business leaders in Davos invested some of their cash sitting in their bank balance it would make a huge difference to confidence, which in turn would boost demand and get the economy going again.<img width='1' height='1' sr.....

Britain at forefront of push to create a million European tech jobs
Britain will be at the forefront of a push to fill around a million technology jobs across Europe by 2016, under plans drawn up by the European Commission.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e641d1/.....

Davos 2013: Women often promoted to 'basket case' roles, says IMF chief Christine Lagarde
Women are often promoted to jobs at organisations which have become a "lost cause", according to Christine Lagarde, the managing director of the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Davos 2013: Women often promoted to 'basket case' roles, says IMF chief Christine Lagarde
Women are often promoted to jobs at organisations which have become a "lost cause", according to Christine Lagarde, the managing director of the International Monetary Fund.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/.....

Davos 2013: Boris urges business leaders to spend their cash to boost confidence
Boris Johnson said the business leaders in Davos invested some of their cash sitting in their bank balance it would make a huge difference to confidence, which in turn would boost demand and get the economy going again.<img width='1' height='1' sr.....

Questor Plus: emerging market share tips for a falling pound
Questor editor looks at companies with a healthy exposure to expanding economies.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e63737/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

Davos 2013: Tim Berners-Lee warns of digital divide
The online world needs to become still more open, even as people worry about the amount of information they give away, according to Sir Tim Berners-Lee, the British inventor of the World Wide Web.<img width='1' height='1' src='http://telegraph.fee.....

Tim Berners-Lee warns of digital divide
The online world needs to become still more open, even as people worry about the amount of information they give away, according to Sir Tim Berners-Lee, the British inventor of the World Wide Web.<img width='1' height='1' src='http://telegraph.fee.....

'Stereotypes holding women back,' says Facebook's Sheryl Sandberg
Companies should be able to ask women about their plans for a family, according to Facebook's Sheryl Sandberg, one of the most senior women in Silicon Valley.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/27e633.....